Dumbfuck in charge
Re: Dumbfuck in charge
I am an architect in the hospitality sector. New work is non-existent right now. Our company as a whole has laid off approx. 15% of the work force. Those lucky to still have their jobs have moved to other sectors temporarily (Healthcare as an example).
Business hotels? Done. Tourist resorts? Few and far between.
Covid will leave a LASTING imprint on the hospitality industry. Both operationally and from a guest/traveller standpoint.
Business hotels? Done. Tourist resorts? Few and far between.
Covid will leave a LASTING imprint on the hospitality industry. Both operationally and from a guest/traveller standpoint.
"The real issue with covid: its not killing enough people." - randylahey
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GTS Champ 2020*
“We good?” - Bill Self
RIP jhawk73
Re: Dumbfuck in charge
Has it?jfish26 wrote: ↑Tue Oct 06, 2020 1:05 pmThe issue is that the economic fallout has (to this point, and obviously as a gross generalization) spared homeowners/homebuyers and people who have material investments in the market.
The economy has absolutely collapsed for hourly workers in the travel, hospitality and leisure industries. The effects of that have not yet manifested on a broader basis.
I dont doubt it in many places and for many industries.
But at least on CO, most resort towns reported record numbers this summer
Re: Dumbfuck in charge
Hard to imagine what the business travel (and even Class A office space) environment is going to look like after this, with everyone having figured out how to do without.sdoyel wrote: ↑Tue Oct 06, 2020 1:20 pm I am an architect in the hospitality sector. New work is non-existent right now. Our company as a whole has laid off approx. 15% of the work force. Those lucky to still have their jobs have moved to other sectors temporarily (Healthcare as an example).
Business hotels? Done. Tourist resorts? Few and far between.
Covid will leave a LASTING imprint on the hospitality industry. Both operationally and from a guest/traveller standpoint.
Re: Dumbfuck in charge
What about all those great trade deals?
"The U.S. trade deficit surged in August to the largest in 14 years, with imports climbing again, suggesting that trade could be a drag on economic growth in the third quarter.
The Commerce Department said on Tuesday the trade deficit jumped 5.9% to $67.1 billion, the widest since August 2006."
https://www.foxbusiness.com/economy/tra ... n-14-years
"The U.S. trade deficit surged in August to the largest in 14 years, with imports climbing again, suggesting that trade could be a drag on economic growth in the third quarter.
The Commerce Department said on Tuesday the trade deficit jumped 5.9% to $67.1 billion, the widest since August 2006."
https://www.foxbusiness.com/economy/tra ... n-14-years
Re: Dumbfuck in charge
"The real issue with covid: its not killing enough people." - randylahey
GTS Champ 2008
GTS Champ 2020*
“We good?” - Bill Self
RIP jhawk73
GTS Champ 2008
GTS Champ 2020*
“We good?” - Bill Self
RIP jhawk73
Re: Dumbfuck in charge
I agree that those industries have collapsed but they are not "the economy". And yes, I agree that the negative impacts to those industries is not over yet. I fully expect them to return to a "new normal" at some point in the not too distant future. Cruises will happen again. Vacations will happen again. Travel will happen again. Companies will adjust or they will be passed by the companies who adjust. Such is the cycle of things.jfish26 wrote: ↑Tue Oct 06, 2020 1:05 pmThe issue is that the economic fallout has (to this point, and obviously as a gross generalization) spared homeowners/homebuyers and people who have material investments in the market.
The economy has absolutely collapsed for hourly workers in the travel, hospitality and leisure industries. The effects of that have not yet manifested on a broader basis.
There have been countless industries wiped out by disasters, unprecedented events, technological innovations or simply the passage of time and our economy has survived them all. This is no different.
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Re: Dumbfuck in charge
What a buffoon.
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- NewtonHawk11
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Re: Dumbfuck in charge
Stock market is dropping big time now.
“I don’t remember anything he said, but it was a very memorable speech.” Julian Wright on a speech Michael Jordan gave to a group he was in
"But don’t ever get it twisted, it’s Rock Chalk forever." MG
"But don’t ever get it twisted, it’s Rock Chalk forever." MG
Re: Dumbfuck in charge
Eh, dow only down 500 points from the session high, 300 points for the day. That's a marginal swing. Traders don't care.
- NewtonHawk11
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Re: Dumbfuck in charge
True. But it did drop somewhat quickly. Nasdaq dropped 200 points in about 20 minutes.
“I don’t remember anything he said, but it was a very memorable speech.” Julian Wright on a speech Michael Jordan gave to a group he was in
"But don’t ever get it twisted, it’s Rock Chalk forever." MG
"But don’t ever get it twisted, it’s Rock Chalk forever." MG
Re: Dumbfuck in charge
The fact that the market tanks because of "no stimulus", what does that tell you? Stimulus is the only reason the market is still so high.
"This whole thing was a big dick-waving contest, it's just that my dick was bigger than yours."
Re: Dumbfuck in charge
https://www.cnn.com/2020/10/06/economy/ ... index.html
Here is the noted...umm...radical leftist, Federal Reserve chair Jerome Powell:
A second wave of coronavirus could "more significantly limit economic activity, not to mention the tragic effects on lives and well-being," Powell said. "Managing this risk as the expansion continues will require following medical experts' guidance, including using masks and social-distancing measures."
In addition to gaining control of the pandemic, Powell reiterated his calls for more fiscal stimulus aimed at supporting America's most vulnerable.
[...]
Powell said Tuesday that the risks of Congress pouring too much stimulus into the economy are far lower than the risk of not doing enough. Although government spending is adding to an already sky-high federal budget, lawmakers should act, Powell argued.
"The US federal budget is on an unsustainable path, has been for some time," Powell said. But "this is not the time to give priority to those concerns."
[...]
A prolonged slowing of the recovery is bad news, Powell said, "as weakness feeds on weakness."
The Fed chairman also stressed once again that the burdens of the crisis haven't been evenly distributed and that women, minorities and low-income workers are in a much worse position in this downturn than others.
Unemployment and bankruptcies will always be part of the economy, he acknowledged. But having an "inappropriate" amount of either is bad for the longer term outlook. For example, the number of permanent layoffs has been rising after a large number of workers were initially classified has having temporarily lost their jobs.
"Once you're permanently laid off it's just difficult to get back into the workforce," Powell said.
Re: Dumbfuck in charge
Powell, ugh.. where do I start? The guy was arguing that we need more inflation a few weeks ago, as if it's something good for society. If it were up to me, some stimulus for the low income / middle class people to buy food, pay rent, etc is much better than giving it to the stock market. We could have paid off all the student loans with the money we have injected into Wall Street. But if we're okay with any kind of stimulus (for any reason), we have to accept that our currency is going to buy less and less every year. That means, those older people who saved money will suffer the most.
"This whole thing was a big dick-waving contest, it's just that my dick was bigger than yours."
Re: Dumbfuck in charge
This is a presidency in free-fall.
Re: Dumbfuck in charge
Yet he'll still not lose because the other option is even worse.
"This whole thing was a big dick-waving contest, it's just that my dick was bigger than yours."